According to an initial report from Chainalysis, a crypto research firm, the global adoption of cryptocurrencies is predominantly being led by lower-middle-income countries. The report evaluates 154 countries using a Global Crypto Adoption Index that analyses the usage of various cryptocurrency services. India has emerged as the leader of the Global Crypto Adoption Index. Nigeria, Vietnam, the US, and Ukraine have secured the subsequent highest rankings on the index, in that order.

The index considers purchasing power parity per capita to identify countries where individuals are investing the highest proportion of their wealth in cryptocurrency and the transaction volumes have been estimated using web traffic data.

The index aims to gauge the 'grassroots crypto adoption,' which indicates the use of cryptocurrency by regular people instead of institutions. The measurement provides insight into the extent of widespread adoption of cryptocurrency by everyday individuals -people who are incorporating digital assets into their day-to-day financial and investment activities.